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After Thursday's close, Puma Technology (PUMA – 21-1/8) posted a fourth-quarter loss of eight cents per share, which was three cents per share ahead of Street estimates. This morning, though, the security opened 2-1/16 points in negative territory, falling back below its 10-week and 20-month moving averages. Currently, the equity has declined by more than 10 percent.
In anticipation of this earnings announcement, PUMA surged almost three points, or nearly 14 percent, higher yesterday to end up at its top closing level since July 21 on above-average volume. It was the shares' sixth consecutive winning session.
PUMA remains relatively anonymous on Wall Street, according to Zacks Online. There are only six brokers now covering the stock. Any new positive coverage as a result of the company's positive earnings surprise could give the equity an additional boost over the short term. Any downgrades, though, might hinder the stock's prospects.